What does this で mean?

Japanese
#1

In the top right panel after “JOJO”

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#2

I could think of two possible meanings:

  1. the additive で, used to link 2 clauses within a sentence (functions similar to と)
  2. a casual form of では (where the writer has dropped the は）which translates into “in that case” or “if so”

What does everyone else think?

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